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JRS Jpmorgan Russian Securities Plc

83.00
0.00 (0.00%)
18 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Jpmorgan Russian Securities Plc LSE:JRS London Ordinary Share GB0032164732 ORD 1P
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.00% 83.00 0.00 00:00:00
Bid Price Offer Price High Price Low Price Open Price
82.00 84.00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
  -
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 83.00 GBX

Jpmorgan Russian Securit... (JRS) Latest News

Jpmorgan Russian Securit... (JRS) Discussions and Chat

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Date Time Title Posts
19/2/202414:43Russia - Good Long Term Investment4,681
17/6/202213:32Reuters article -
31/5/202209:22Converting to MOEX shares 1
07/3/202219:51JP Morgan Russia Investment Trust A New Start.3
12/10/202110:52From Russia with Love1,604

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Jpmorgan Russian Securit... (JRS) Most Recent Trades

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Posted at 24/11/2022 13:31 by loganair
Detsky Mir Group announces that the Board of Directors of the Company unanimously approved a launch of an open market buyback programme of its ordinary shares (“Shares”;) listed on the Moscow Exchange over a six-months period unless extended or terminated by the Company earlier.

DM Capital LLС, a direct wholly-owned subsidiary of the Company acquired a total of 14,038,470 shares (1.90% of share capital of the Company) during the period from 18 November 2022 to 22 November 2022 on the Moscow Exchange.



As I've posted a couple of times recently, Detsky Mir, which is a holding of JRS, are taking themselves private - If JRS redeems its Detsky Mir shares at todays share price and at an exchange rate of GBP/RUB of 70 = 9.46p per share (£4.28mln), which would be paid in to JRS Russian 'C' Account.

If JRS do redeem will mean by the end of January JRS will have circa 64p cash per share in their Russian 'C' Account.

It seems to me reasonable to say, when it becomes available, any monies from the sale of Detsky Mir will be reinvested outside of Russia rather than when the time comes paid out as a dividend.
Posted at 11/11/2022 12:12 by loganair
When things start to return to normalcy the JRS share price can quite easily rapidly rise 4x's in price.

Anybody buying in today could see a dividend yield of 40% and anyone who bought in when the share price was in the 60p's, going forward could easily see a yield of 60%.
Posted at 11/11/2022 09:09 by loganair
The MOEX Russia index closed 2% up at 2,210 on Thursday, the highest since late September with support from banks and miners.

Sberbank shares jumped nearly 7% to lead the gains in the session after the lender posted a 9.8% annual increase in profits in October, in addition to announcing plans to pay dividends next year.

Personal note - Sberbank have not paid any dividend during 2022. Their 2021 dividend (JRS received £4.46mln) was worth 9.8p per share, it seems to me reasonable to say they'll pay a similar amount next year. Usually the dividend is paid in May of each year. This could mean by the end of H1 2023 JRS may have over 92.5p per share cash in their Russian 'C' account + 37.5p per share cash from the sale of their Kazak holdings = total cash in the bank of 130p per share, while the current share price is 80p = JRS having 50p (62%) per share more cash in the bank then the price of the shares.


VTB also closed higher with a 3.5% increase after its owner announced that the takeover of Otkritie Bank should be completed before the end of the year.

In the meantime, miners and metallurgists also closed sharply higher, supported by an increase in base metals and bullion as the dollar retreated sharply. The rally in the sector signaled some connection between Russian equities and the external environment.
Posted at 10/11/2022 10:30 by loganair
If Detsky Mir is taken private and JRS redeems its shares at todays share price and at an exchange rate of GBP/RUB of 70 = 9.46p per share (£4.28mln)


By Easter next year, 2023 if this monies is put in to JRS 'C' account + dividends to come = circa 75p per share in JRS 'C' account which is around the current share price.

JRS also have circa 37.5p per share in cash from the sale of their 4 Kazak holdings = by Easter 2023 112.5p per share cash in the bank.

This will mean by Easter 2023, if JRS remains at the current share price, JRS will be valued at circa 35p per share less then it has cash in the bank.


As a side note JP Morgan is one of two U.S. banks that the U.S. Government has allowed to continue to offer banking services to Russian companies, in Russia.
Posted at 28/10/2022 23:19 by popit
squeaky19 / loganair

Yes it is true that JRS is not at present seeking any capital raise that may dilute existing shareholders. The question though is what may come next after the name change and the mandate change? Is it perhaps the first of several steps in transforming JRS into something completely different? Is JPM going to all of this trouble to change the name and the mandate just so that they can invest the £16 million cash that JRS is holding? JPM are used to managing much larger sums in their various Investment Trusts as that is how they make their fees. Most of their Investment Trusts have Market Caps of hundreds of millions or over one billion. The Market Cap of JRS is only about £30 million, so you have to wonder how long will JPM be willing to continue with such a small Investment Trust?

So if they succeed in getting the name and mandate changed, it does not seem unreasonable to speculate that a new capital raise may be the next step. The price of the issue would probably be around the current NAV of about 40p.

I would also assume that a shareholder vote would be needed to approve any new capital raise, but this is no guarantee that it would not happen. Most shareholders will hold their JRS shares through stockbrokers such as HL or Interactive Investor, and these brokers will often just vote their total shares in favour of any resolution. The institutions who still hold JRS may also vote in favour of any new capital raise if they think it will benefit the Trust over the longer term. It is not their own money they have invested in JRS and so they will probably not be as concerned about a new capital raise as private investors.

If any JRS shareholder is concerned that this new name change and mandate may eventually lead to a new capital raise and dilution of their shares, they should send an email to Eric Sanderson the JRS Chairman at the email address given in the recent circular. He has explicitly asked JRS shareholders to write to him with any views or questions on what the company is proposing.

It would be a good opportunity to tell him and the JRS Board of Directors that we are completely opposed to any future capital raise or dilution of our JRS shares.
Posted at 27/10/2022 02:10 by popit
squeaky19

Thanks for the very considered response which does make perfect sense to me.
I think my only further thought would be why don't they change the name?
It's not owned by JPM, so they could quietly switch it to "Harry's Trading Company" and five minutes afterwards no-one would be any the wiser.
Then the company could re-domicile?

I think if JRS were to change their name they would simply be faced with the same issues and difficulties. Would a change of name do any good? And what would be the costs, both direct and indirect? JPM are not the owners of JRS but they are the managers of the Investment Trust.

So, assuming they change their name to XYZ, how is the press and media in the UK and US likely to react to the news that JRS has changed its name in order to avoid Russian sanctions? JRS is keeping a low profile at present as the conflict continues, and so both they and JPM are unlikely to want to become the centre of a hot news story about attempting to avoid Russian sanctions. The bad publicity could easily wipe billions off the market value of JPM. Is it worth all the bad publicity and reputation damage for the sake of a small UK Investment Trust with assets of a few million?

And as I said before, there is no guarantee that Russia would accept any new change of name or domicile by JRS. Russia may view it as a scheming attempt by a company from an unfriendly nation to avoid Russian sanctions. They are not stupid. Russia will very easily see from the share registers that all of the JRS Moex holdings have simply been transferred to XYZ Co. in Hong Kong. Russia will know that XYZ is simply a new name for “unfriendly221; JRS.

So I think such a plan has some major problems. The indirect costs and reputation damage could potentially be huge for JPM who are the managers of JRS. It is also quite possible that Russia would not accept any change of domicile, and they may continue to view the new company as “unfriendly221; as their assets and holdings were simply transferred from JRS.
Posted at 26/10/2022 17:38 by loganair
Trading updates are backward looking and not forward looking and therefore I still stand by the post on SMDS and my reasoning as I firmly believe the stock markets have still further to fall before they reach their cycle low.

18 months ago I posted Sainsbury's would fall to 150p and was pooh-poohed for it, not so long ago Sainsbury's share price fell to 169p. I still stand by my original post that the cycle low will be down to at least 150p.

Easy Jet when the share price had fallen to 550p, would fall below 300p, again many on the Easy Jet thread totally pooh-poohed my post saying the share price will never fall that low. The low reached just a couple of days ago is 277p.

Therefore, on the whole by share price predictions have been on the accurate side and we have still not yet reached the stock market lows of this cycle.
Posted at 24/10/2022 18:38 by popit
squeaky19

I asked JRS this question in an email a few months ago but they did not answer it. They answered several of my other questions and so I assume that they do not want to address the issue of change of domicile.

In my opinion there is no reason why JRS could not relocate their domicile. As you say they are a UK plc and there is nothing to stop them. They could move to Hong Kong or Singapore or even Russia. The question is what good would it do them, and what would be the costs?

The assets of the company are not huge and so it is not like HSBC considering a change of domicile from UK to Hong Kong. There would be quite large direct costs for the company, and potentially huge indirect costs for the JPM reputation and brand. What would the media and press in the UK and US say about JPM trying to avoid Russian sanctions by moving the domicile of one of their Investment Trusts? The negative publicity could wipe billions off the JPM share price.

And there is not even any guarantee that Russia would accept such a change of domicile. If JRS moved domicile to Hong Kong for example, Russia may just say that it was a contrived move by a company that was originally from an unfriendly country. So Russia may simply refuse to recognise any change of domicile by JRS.

So JRS may have just decided that a change of domicile is not practical for all of these reasons.

Eventually the 50p annual dividend income for JRS will be released. And eventually the Moex will open up for JRS to trade their holdings as normal. And eventually the JRS share price will return to nearer to the real NAV of over £6.

It may all take a few months, or even a few years, but eventually it will happen.
Posted at 19/9/2022 02:44 by popit
loganair

That is interesting information about the dividends of 50p each year accumulating in the frozen account. It will be very good news if some of these dividends can be paid to JRS shareholders. And what kind of chance would you give of this dividend money being available to JRS shareholders before the end of next year? A 50/50 chance? Or higher or lower than 50/50?

And there has been quite a lot of chat on the JRS Telegram group about the potential risks of JRS issuing or placing new shares if they change the mandate. They could presumably issue any number of new shares that they wanted at the latest NAV price of about 45p. It would also allow JRS to get new funds to invest, and they would also get a big increase in annual fees if they issued many new shares.

A new issue of 40 million JRS shares would dilute current shareholders by half, and an issue of 400 million shares would dilute us by 90%! If this happened the 50p dividends in the frozen account would only be worth 5p each year to us!

So do you not see any risks of future dilution by JRS? Are you quite confident that JRS will not heavily dilute current shareholders with new shares?

Thanks
Posted at 18/9/2022 14:37 by loganair
Some of the dividends paid into JRS Frozen bank account in Russia:


Rosneft dividend is 23.63rub per share.

JRS has 3.6mln Rosneft x 23.63 = 85mln rub = £1.2mln = 2.6p per share.


Gazprom Neft dividend is 56rub per share (not to be confused with Gazprom)

JRS has 1.2mln Gazprom Neft x 56 = 67.2mln rub = £960k = 2.1p per share.


Norlisk Nickel dividend is 1,166rub per share

JRS has 71k NN x 1,166 = 82.7mln rub = £1.18mln = 2.6p per share.


Novatek dividend is 43.7rub per share & 437rub per GDR

JRS has 103k Novatek x 43.7 = 4.5mln rub
JRS has 126k Nov GDR x 437 = 55mln rub
........................Total.......59mln rub = £850k = 1.8p per share.


Gazprom dividend is 51.03rub per share.

JRS has 19mln Gazprom x 51,03 = 969mln rub = £13.8mln = 30.5p per share.


At current exchange rate, so far JRS has received circa 39.6p per share in dividends into their frozen Russian bank account.



At current exchange rates - Depending on what Lukoil does with its dividend, could add as much as 10.7p per share, Detsky Mir declare and pay in December last year came to 0.6p per JRS share, Tatneft last year dividend came to 1.7p per JRS share, Rostelcom 0.9p and Fix Price 0.15p therefore a further circa 14p per JRS share maybe added to dividends already paid this year.

The two banks that JRS hold Sberbank and VTB and all other companies I have not mentioned that are in JRS portfolio have declared they will not be paying a dividend this year.
Jpmorgan Russian Securit... share price data is direct from the London Stock Exchange

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